Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.

National Economic Council Director Kevin Hassett, a top economic advisor to Trump, on Monday rebuked concerns about tariff-related inflation. The Fed, Hassett told CNBC, has been "very, very wrong" in its assessment of a potential resurgence of price increases.

US consumer inflation picked up in line with analyst expectations in June, government data showed Tuesday, with vehicle costs cooling over the month but increases seen in sectors exposed to President Donald Trump's widening slate of tariffs.

Even with only limited signs of increasing effects from tariffs, inflation is once again accelerating in America. The total measure of inflation in June was right in line with expectations on Tuesday,

With the Federal Reserve watching inflation closely, Tuesday's June Consumer Price Index is expected to show some impact from tariffs, with more showing up later in the year. The consensus is for core CPI to rise 3.

Economists viewed this data as the first clear sign that Washington’s trade war is starting to affect consumer prices

President Donald Trump's far-reaching tariffs are starting to push sticker prices, though not as much as some economists had forecast.

The consumer price index rose 2.7% on an annual basis in June 2025, up from 2.4% in May, according to the Bureau of Labor Statistics. However, the full impact of President Donald Trump's tariffs is still to come, according to economists.

June’s U.S. CPI print showed that there is evidence of inflation pressures in the product categories that are most exposed to tariffs, according to Arch Capital's Parker Ross.

The Labor Department’s consumer price index for June is expected to show that overall inflation rose 2.6 percent from June 2024. That’s up from a 2.4 percent pace in May.